THE MIDLAND COUNTIES SHOW LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06433265 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 NOVEMBER 2021

FOR

THE MIDLAND COUNTIES SHOW LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

4

CURRENT ASSETS

Debtors

6

1,440

660

Cash at bank

82,422

77,623

83,862

78,283

CREDITORS

Amounts falling due within one year

7

(5,136

)

(971

)

NET CURRENT ASSETS

78,726

77,312

TOTAL ASSETS LESS CURRENT LIABILITIES

78,726

77,312

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

78,724

77,310

78,726

77,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 20 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 20 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2022 and were signed on its behalf by:

H J Hall - Director

1.	GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is DPC Accountants Limited, Stone House, Stone Road, Stoke-on-Trent, ST4 6SR.

The principal activity of the company during the year was that of holding an annual horse show. The company acts as a not for profit entity.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3.	ACCOUNTING POLICIES

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets.

Revenue recognition

Revenue is recognised at the fair value of the consideration received or receivable and in which the services are rendered, stated net of discounts and of Value Added Tax. Revenue is recognised in the accounting period in which the services are rendered.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website - 5 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Website

Development

£

COST

At 21 November 2020

and 20 November 2021

599

AMORTISATION

At 21 November 2020

and 20 November 2021

599

NET BOOK VALUE

At 20 November 2021

-

At 20 November 2020

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20.11.21

20.11.20

£

£

Other debtors

1,440

660

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20.11.21

20.11.20

£

£

Taxation and social security

10

29

Other creditors

5,126

942

5,136

971

8.	POST BALANCE SHEET EVENTS

There was no material events up to the date of approval of the financial statements by the board.